NIO stock rises after unveiling $112K flagship ET9 EV to rival Porsche, Mercedes
NIO (NIO) launched its new flagship ET9 EV over the weekend, a premium executive car aimed at “the new generation of high-end business users.” The new flagship EV will take on Porsche and Mercedes with starting prices around 800,000 yuan ($112,000).
NIO Day 2023 brings new EVs and tech
The ET9 made its debut over the weekend during NIO Day 2023. NIO’s new flagship EV features its latest tech to showcase “a perfect package of flagship-style exterior, spacious interior, immersive experience, efficient recharging,” and more.
At 5,325 mm (210″) long, 2,016 mm (79″) wide, and 1,620 mm (64″) tall, the ET9 will rival the Porsche Panamera (205″ X 78″ X 56″) and other premium vehicles from Mercedes, BMW, and others as NIO looks to expand its market.
The electric car adopts a “Landjet” design with ample cabin space, comfort, safety, and steering.
With a four-seat layout, the “Executive Bridge” interior includes a 360-degree tray table for rear passengers.
NIO filed 24 self-developed patents for the first-class rear seats. They include a backrest that can adjust 45 degrees, a wide (582 mm) seat cushion, and 11 one-push adjustments. You can also switch between seven different electric sunshades for maximum comfort.
NIO unveils flagship ET9 EV for $112,000
The ET9 features China’s first full-domain 900V architecture, with up to 925V, 600 kW peak power, and 765A peak charging current.
With NIO’s battery swap, the ET9 can be recharged in three minutes. Or, fast charging can add 255km (158 mi) in five minutes.
Integrated with over 100 NIO full-stack technologies, the ET9 features its first five-nanometer auto-grade chip (NX9031) and large cylindrical battery cells.
NIO’s new flagship ET9 is available for pre-order in China, but deliveries are not expected until early 2025.
The EV maker also launched its fourth-gen power swap stations and 640 kW liquid-cooled power chargers. NIO says the new swap stations are compatible with several brands and reduces swap time by 22%.
NIO plans to build 1,000 power swap stations and 20,000 chargers to expand its network. The company recently partnered with Volvo and Polestar owner Geely to grow battery swap tech.
NIO stock is up nearly 9% on Tuesday following the release of its new flagship ET9 EV and technology. Shares are still down 43% from their 52-week high of $16.18 per share.
Electrek’s Take
NIO needed a jumpstart, and its new ET9 could be it. Although expensive at $112,000 (800,000 yuan), the ET9 could help NIO establish itself among the premium automakers. However, that won’t be until 2025.
The EV maker is still losing money. NIO posted a net loss of $624 million (RMB 4.6 billion) in Q3. Last month, NIO announced it was trimming around 10% of its staff last month amid the intensifying competition in its home market.
NIO received a $2.2 billion investment from Abu-Dhabi’s CYVN Holdings two weeks ago. With the new funds, CYVN will become a major shareholder. The company said it will look for strategic partners to expand its tech.
“With the enhanced balance sheet, NIO is well prepared to sharpen brand positioning, bolster sales and service capabilities,” NIO’s CEO William Li explained.
With a new flagship model and exciting tech on the way, NIO aims to continue expanding the brand. The EV maker expects to deliver between 47,000 and 49,000 EVs in Q4, up 17% to 22% from last year. Revenue is expected between $2.2 billion and $2.3 billion.
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Fancy German-made mid-drives are often considered the premier option for electric bikes, offering higher precision engineering and an overall more sophisticated experience. But they’ve also been quite pricey, at least until Ride1Up began running an incredible sale on its normally $2,195 Prodigy XC electric mountain bike, marked down to just $1,295.
I reviewed the urban version of this bike back when it was at full price, and it was a great buy even at its MSRP. But now with this killer Black Friday price, this is a deal that is unlikely to ever be seen again.
The Class 3 electric bicycle can hit speeds of up to 28 mph (45 km/h), and comes with all the benefits of that nice Brose TF Sprinter mid-drive motor. That means you get the smooth and refined torque sensor-based pedal assist, the color screen, and the higher-end ride quality.
Other nice components found on the bike include the Maxxis Forekaster off-road tires, the Tektro quad-piston hydraulic disc brakes, and the 120mm-travel air suspension fork.
At this price, Ride1Up is almost certainly selling the bike at below cost, meaning you’re getting it for less than it costs the company to build these highly-acclaimed e-bikes.
Why would they do that? Because this is the previous generation of the bike, which was eclipsed by the second-generation Prodigy V2. But hey, if this bike was good enough when it came out a year before the V2 (and it was), then it still a great bike today. For those who don’t need the nicest and newest version of a piece of tech, this is an incredible steal of a deal.
Ride1Up is all but certain to be moving these Prodigy XCs at such a low price to clear up shelf space in their warehouse, so when these are gone, they’re gone for good. And this isn’t only a Black Friday price – the company has been moving these bikes for several months at this crazy sale price. That further underscores that this is a clear-out-the-previous-version sale that will be gone for good when the bikes are gone.
At this price, there’s simply no other German-made mid-drive e-bike out there with the bang-for-buck offered by the $1,295 Prodigy XC right now, that’s for sure.
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Working oil pumps against a sunset sky.
Imaginima | E+ | Getty Images
Higher fuel prices could be in the cards if President-elect Donald Trump follows through with his tariff threats on Canada, according to industry experts, who are skeptical on whether the new levies will ever be implemented.
Trump on Monday pledged to implement additional tariffs on China, Canada and Mexico on day one of his presidency, according to his posts on social media platform Truth Social. He said he would sign an executive order on Jan. 20 imposing a 25% tariff on all imports from Canada and Mexico, a move that may breach the terms of a regional free trade agreement.
Goldman Sachs’ Co-Head of Global Commodities Research Daan Struyven said that if a 25% levy hit Canadian crude exports to the U.S. “that could, in theory, lead to some pretty significant consequences for three groups.”
U.S. refiners who rely on Canadian oil barrels could face lower profit margins, and consumers may potentially face higher prices, surmised Struyven. Lastly, Canadian producers may suffer revenue losses if they are unable to reroute their barrels that would have otherwise gone to the U.S.
America’s imports of Canadian crude oil hit a record of 4.3 million barrels per day in July 2024 after the expansion of Canada’s Trans Mountain pipeline, according to the most recent data from the U.S. Energy Information Administration.
If we were to see a 25% tariff on Canadian energy exports, I think it could have some very significant ramifications for trade flows.
Daan Struyven
Goldman Sachs
Additionally, refiners in the Midwest, which are more adapted to process Canada’s heavy sour crude rather than the low sulfur sweet crude produced domestically, could also have problems switching should the Canadian imports be interrupted, Struyven told journalists at an online conference.
“If we were to see a 25% tariff on Canadian energy exports, I think it could have some very significant ramifications for trade flows,” Struyven said.
Mexico and especially Canada have “notable tightly integrated linkages” with the U.S. when it comes to the oil, natural gas and auto industries, Citigroup wrote in a note following Trump’s announcements this week.
“Absent carve-outs, this would increase costs for U.S. refiners and U.S. consumers,” said the bank’s research team led by Energy Strategist Eric Lee.
However, Goldman highlighted that it is unlikely that the tariffs will be implemented as announced, on the premise that the Trump administration is focused on reducing energy costs.
Trump cannot allow inflation to get out of control in the 15 months before the midterm election season, Viktor Shvets, global strategist at Macquarie Capital, told CNBC. Shvets believes that tariffs are used as a negotiating tool to achieve certain objectives such as strengthening the border.
“I do not believe for a second that there will be a massive increase in overall tariffs because that will represent a tax on U.S. domestic manufacturers. That will also represent a tax on U.S. exporters,” said Shvets.
Canada’s trade bodies have shared their concerns, too.
“As Canadians, we need to be eyes-wide-open on the President-elect’s promise for across-the-board tariffs,” the CEO of the Canadian Association of Petroleum Producers, Lisa Baiton, reportedly said.
Danielle Smith, the premier of Alberta which accounts for the largest production of crude in Canada, said that the Trump administration has “valid concerns related to illegal activities at our shared border,” and urged the federal government to resolve said issues immediately to avoid any “unnecessary tariffs” on Canadian exports.
On today’s fact-checking episode of Quick Charge, we’ve got a showdown brewing between California Governor Gavin Newsom and Tesla CEO Elon Musk, an updated 650 hp Kia EV6 GT that’s ready to take on the world, and some sweet deals on battery-powered goodies.
We’ve also got new electric buses at UCLA that are powered by inductive current in the road itself, and a massive new solar project on a site more famous for coal than clean. All this and a little bit of fact-checking on some fresh musky nonsense – enjoy!
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Learn more at this link.
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Read more: E-quipment highlight | Palfinger FLS 25 eDRIVE truck mounted forklift.
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